Cash News
Cryptocurrency is a digital or virtual currency that uses cryptography for security. Unlike traditional currencies issued by governments (fiat money), cryptocurrencies operate on decentralized networks based on blockchain technology – a distributed ledger that records all transactions across a network of computers.
And for those seeking exposure through stocks, the Zacks Cryptocurrencies & Blockchain Technology thematic screen focuses on companies ranging from creators of software and hardware that power blockchain to those applying this technology, like crypto mining firms.
See the full list of Zacks Thematic Screens – Zacks Thematic Screens.
Let’s take a closer look at a top-ranked stock that the screen has returned.
Robinhood Sees Strong Crypto Volume
Robinhood Markets HOOD offers a comprehensive suite of financial products aimed at addressing critical financial needs, including crypto trading and crypto staking (staking in EU only). The stock sports the highly-coveted Zacks Rank #1 (Strong Buy), with its earnings outlook notably bullish across the board.
Image Source: Zacks Investment Research
Up more than 80% in 2024, HOOD shares have been quietly strong, widely outperforming relative to the S&P 500. Quarterly results have helped aid the move, with the stock seeing a great reaction following record revenue and net deposits throughout the mentioned period.
And consumers keep flocking to the platform for their crypto needs, with cryptocurrencies revenue of $81 million climbing a staggering 161% from the same period last year. Crypto Notional Trading Volumes throughout the period also saw a 140% climb year-over-year to $21.5 billion.
Below is a chart illustrating the company’s sales on a quarterly basis.
Image Source: Zacks Investment Research
Keep an eye out for the company’s next quarterly release currently scheduled for October 30th. Top line revisions have been positive along with EPS expectations, with the $672 million expected revised 12% higher since mid-July and suggesting 44% growth from the year-ago period.
Image Source: Zacks Investment Research
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
Bottom Line
Zacks Thematic Screens lets you dive into 30 dynamic investment themes shaping the future.
While stocks in each theme aren’t direct recommendations, they offer a solid starting point. Leverage the Zacks Rank and other metrics to identify the best stocks for your strategy. Each featured stock comes with a Zacks report, giving you the tools to analyze performance and potential.
Robinhood Markets HOOD was a top selection that the Zacks Cryptocurrencies & Blockchain Technology thematic screen churned out.
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Robinhood Markets, Inc. (HOOD) : Free Stock Analysis Report
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Zacks Investment Research